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To further assist the Board of Trustees in fulfilling its fiduciary duty as trustee of the funds of the Retirement System, the Board shall appoint an Investment Advisory Committee to provide the Board with sophisticated, objective, and prudent investment advice. The Investment Advisory Committee shall consist of seven to nine members and each member appointment shall require a two-thirds vote of the Board.

A. In addition, the Board of Trustees may appoint such other advisory committees as it deems necessary. Each member appointment shall require a two-thirds vote of the Board.

B. Each advisory committee shall include no more than two Board members and no individual Board member shall serve on more than one advisory committee. Advisory committee members shall serve at the pleasure of the Board and may be removed by a majority vote of the Board.

C. Except for any Board member who serves on an advisory committee, no elected or appointed official shall serve on an advisory committee.

D. Except for any trustee appointed to the Board between February 28, 1994, and July 1, 1995, no former trustee of the Virginia Retirement System or its predecessors in interest shall, during the five-year period after the termination of his service as a Board member, serve on any advisory committee.

E. Except for Board members, members of any advisory committee shall receive an initial stipend of $1,875 for each calendar quarter they may serve and a per diem of $300 for each meeting attended not to exceed one meeting per day. Commencing July 1, 1995, the stipend shall be increased annually by a percentage equal to the most recent salary structure adjustment as provided in the general appropriation act. Government employees shall receive no stipend for their service but shall be entitled to receive a per diem of $300 for each advisory committee meeting attended not to exceed one meeting per day. Each advisory committee member shall be entitled to receive reimbursement for his actual reasonable and necessary expenses incurred for attending committee meetings. Any member of any advisory committee who also serves as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System shall be entitled to receive compensation and expenses pursuant to this subsection in addition to any remuneration to which he is entitled by virtue of his service as an officer, director, or member of the board of any corporation organized by the Virginia Retirement System.

F. Any Board member who serves on an advisory committee shall not receive the quarterly stipend for advisory committee members provided for in subsection E above, but shall receive the per diem applicable to advisory committee meetings attended in that quarter plus reasonable and necessary expenses incurred.

G. The disclosure requirements of subsection B of § 2.2-3114 of the State and Local Government Conflict of Interests Act shall apply to any member of any advisory committee who is not also a Board member.

H. Members of the Investment Advisory Committee shall demonstrate extensive experience in any one or more of the following areas: domestic or international equity or fixed-income securities, cash management, alternative investments, substantial real estate investments, or managed futures. By resolution of the Board, qualifications for members of any other advisory committee may be set.

The Investment Advisory Committee shall (i) review, evaluate, and monitor investments and investment opportunities, (ii) make appropriate recommendations to the Board about such investments and investment opportunities, and (iii) make recommendations to the Board about overall asset allocation. By resolution of the Board, responsibilities of any other advisory committee may be set.

I. The recommendations of an advisory committee are not binding upon the Board of Trustees.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.